Norden enters Capesize segment

(Posted on 31/03/23)

In line with Norden’s 2023-2025 strategy to capitalise on the most attractive opportunities in the market, the company have acquired four Capesize vessels in two separate transactions this month to improve their portfolio of freight service solutions towards dry-segment customers.

With the acquisitions, NORDEN will now offer a full-service approach where they are able to support customers across all dry-segments with cargo loads between 5,000-200,000 tonnes.

“With the move into Capesize, Norden expands its offering to cover all dry cargo sizes, providing added value to our customers and partners globally,” says Jan Rindbo, CEO, Norden. “The expansion into Capesize also enables us to capitalise on the most attractive market opportunities in a high exposure segment with relatively few transactions.”

To further grow and manage our Capesize business, a dedicated team supported by the global NORDEN organisation will be established to service customers.

In 2022, NORDEN moved into port logistics where they currently operate a transshipment facility for a mining customer in Gabon in Central Africa. By venturing into the Capesize segment, NORDEN will now be able to enhance the scope of current and future logistics projects by providing customers with the optionality to upsize, thereby bringing down operational costs and complexity, while potentially reducing emissions.

The four vessels are expected to be delivered during the coming months.

Capesize bulk carriers are usually between 150,000-210,000 tonnes in deadweight. The majority of this class is also referred to as Dunkirk-max, having a deadweight of around 180,000 tonnes and a length of 289 meters. The vessels are 45 meters wide with a draft of about 18 meters when fully loaded. The name Capesize originates from a time when the vessels were too large to transit the Suez Canal and Panama Canal and instead had to traverse between oceans via either Cape of Good Hope or Cape Horn.